February 27, 2018 / 5:27 PM / a year ago

South Africa's new finance minister Nene to meet credit rating agencies

FILE PHOTO: South African Finance Minister Nhlanhla Nene takes part in a discussion during the World Bank/IMF Annual Meeting in Washington October 8, 2014. REUTERS/Joshua Roberts/File Photo

CAPE TOWN (Reuters) - South Africa’s newly appointed Finance Minister Nhlanhla Nene said on Tuesday after being sworn into office that his department has lined up meeting with rating agencies.

Speaking to Reuters minutes after being sworn in parliament, Nene said it was too early say if South Africa will be downgraded by Moodys, which rates the country a notch above junk, and is due to make decision at the end of March.

“There are meetings already lined up with the ratings agencies, because after the budget there is a program to do just that,” Nene told Reuters in the president’s office in parliament on Tuesday.

“It is too early to say,” Nene said in response to a question as to whether he thought Moody’s would downgrade South Africa’s credit rating.

Reporting by Alex Winning; Editing by James Macharia

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